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Naira Firms Up At Parallel Market, Now 470/$1

The Nigerian naira on Monday strengthened 470 to the dollar on the parallel market amid acute shortage of the greenback as the Central Bank of Nigeria (CBN) continues to strive to improve the lot of the local currency.

The naira also strengthened by 0.65 percent at the interbank segment against the dollar to trade at N304.75 to the greenback.

Though at the interbank, it fell against the two other major currencies tracked by our Correspondent. The domestic currency weakened 2.75 percent and 5.64 percent to N389.68 and N362.07 against the pounds and euro correspondingly.

In the parallel segment, apart from the dollar, the naira appreciated against the two other major currencies, as it strengthened 1.69 percent and 0.39 percent to N580.00 and N510.00 compared to the pounds and euro respectively.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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